Offshore energy will power the world: 2021-2040 FPSO forecast

Offshore energy will power the world: 2021-2040 FPSO forecast
Share on facebook
Share on twitter
Share on linkedin
Share on email
Share on whatsapp
Share on facebook
Share on twitter
Share on linkedin
Share on email
Share on whatsapp

Offshore energy will power the world: 2021-2040 FPSO forecast

Operators are strategically navigating the changing dynamics of the energy market with continued investment in the floating offshore sector.

The offshore energy market is in flux. Economic effects from the Covid-19 pandemic, changing global attitudes toward energy, and the growing importance of ESG matters have disrupted the ways that companies do business. Although the energy transition is already underway, offshore oil and gas will continue to play a key role in providing energy for the world. According to the U.N., global population is expected to grow to 9.7 billion by 2050, with a large portion of population growth concentrated in the developing world. Energy companies, including those that produce hydrocarbons, are adapting to the changing landscape, which will impact the nature, pricing and financing of offshore oil projects.A spread-moored FPSO next to a wellhead platform.

As we look forward to the next 20 years, the following trends will dominate offshore oil and gas development: Offshore production will continue to move from OECD countries to developing countries; project financing will become increasingly difficult due to ESG and investor sentiment; and construction of new mega-FPSOs will increase as well as re-use of existing infrastructure.

Growing importance of ESG guides company investments. Sustainability and ESG policies play an increasingly important role in the oil and gas sector. As renewable energy and net-zero carbon emissions grow in popularity, oil and gas companies must follow suit. Pressure from shareholders and company boards has prompted publicly traded companies to create sustainability plans and commit to reducing carbon emissions. Additionally, many institutional investors and government funds have ESG policies that restrict the sectors and companies they can invest in. Publicly traded companies must pay close attention to these ESG issues or risk losing investors.

Although oil and gas have fallen out of favor rapidly in the eyes of many, the energy transition will take decades. Providing energy for the world’s growing population is complex, and hydrocarbons are still an affordable and reliable source. The changes discussed here will not happen overnight, but over the next 20+ years, as oil and gas operators strategically navigate the changing landscape of the energy sector.

The large number of FPSO projects in the planning pipeline indicates that companies are committed to offshore oil and gas for the medium-to-long term. Projects in the bidding/final design phase will be awarded in the next one to two years, and will be in operation within three to five years. Projects in the planning stage will be awarded in two to four years, and operational within four to seven years. Appraisal projects are the least developed, with a five-to-10-year timeframe from appraisal to operation. With more than 100 projects at least five years out from operation, it is clear that operators are making long-term, multi-billion-dollar commitments to the industry. Many of these developments are designed to produce for 20+ years. Companies are planning for an economic offshore oil and gas market to 2040 and beyond. 2021-2040 FPSO forecast. There are currently 138 FPSOs in the planning pipeline, with 34 projects in the appraisal phase, while 69 projects are in the planning phase. And 35 additional projects are in the bidding/final design phase.

Operators consolidate assets to focus on core areas. In response to the changing landscape, field operators will begin consolidating assets. Faced with pressure to reduce carbon emissions, operators will divest high-carbon projects that do not provide a commensurate high economic return. One approach is to spin off these assets into stand-alone entities or form joint ventures. As a minority stakeholder, the company may choose not to roll up the financials and emissions to the parent company, thus reducing the visibility of their carbon footprint.

Many of the major oil companies have an upstream presence in more than 30 countries. Companies are beginning to focus on their best-performing areas that can provide sustainable financial success. Shell has stated it would focus on nine core upstream areas in pursuit of “value over volume.” In doing so, they must find a balance between projects that are financially, environmentally and politically attractive. Moving forward, the decision-making process for sanctioning projects will become more complex, as companies have to factor in ESG issues to the existing risk-return equation.

A tale of two NOCs. National oil companies Equinor and Petrobras are both consolidating and focusing on core assets, but with slightly different approaches. During the Norwegian firm’s 2021 Capital Markets Day, Equinor EVP for Exploration and Production International, Al Cook, announced the company’s plan to exit two Mexican deepwater blocks. Equinor also plans to offload assets in Argentina, Australia, Canada, Nicaragua and the U.S, in order to focus on high-profit, low-carbon (minimal greenhouse gas emissions) assets. The exit is part of Equinor’s plan to become a net-zero emissions company by 2050. In addition to reducing the number of oil and gas projects in its portfolio, Equinor has invested in low-carbon and energy efficient technologies like offshore wind, solar and carbon capture and storage. Similar trends will likely play out among other progressive NOCs and major oil companies in the coming years.

Petrobras is also divesting non-core assets but will remain focused on high-performing oil and gas projects. In January 2021, Petrobras sold its 49% working interest in a Brazilian wind farm and does not plan to invest in renewable energy, according to CEO Roberto Castello Branco. While Petrobras aims to design new projects with zero emissions growth until 2025, the company will capitalize on its key competency of discovering and producing oil and gas offshore Brazil. Profitability is the key driver for both Equinor and Petrobras. While some renewable projects may be attractive for European companies like Equinor, conventional oil and gas assets provide higher returns and are, therefore, more attractive for some companies, especially in the developing world.

Strategic exits will provide an opportunity for new players to develop these fields. NOCs, independents and local players will purchase and produce the assets that did not fit the portfolios of the previous operators. As majors consolidate their assets to focus on core high-performing areas, smaller companies will fill in the gaps left behind. Areas like Southeast Asia, Africa and the North Sea will see the most activity, particularly for fields that are small and mature. Compared to the massive discoveries offshore South America, these areas are less attractive for the large oil companies. However, they are ideal for smaller companies, which can find more economic ways to develop these resources.

Investment shifts from developed to developing nations. Operators will gradually transition from having widespread global footprints to focusing on a few strategic core assets. Another factor at play is the changing global attitude toward energy and greenhouse gas emissions. Investment in oil and gas projects in OECD countries like Australia, Canada, Norway and the UK is declining. All of these countries have ambitious carbon emission reduction targets in place, with Canada, Norway and the UK aiming for net-zero by 2050.

Profitability will be a major focus for companies moving forward. Another deterrent is that operating in countries like Australia, Canada and Norway is expensive. High labor costs and environmental regulations increase operating expenses. While these countries currently have tax incentives for oil and gas development, they are unlikely to last forever. Future oil and gas investment will be limited to massive fields with extremely attractive economics and quick payouts. While there have been some recent significant discoveries in these mature areas, such as Dorado in Australia, Bay du Nord in Canada, and Wisting in Norway, the largest offshore growth areas are in South America and Africa.

Although oil and gas have fallen out of favor with the public in OECD countries, governments worldwide use the revenue from hydrocarbon production to provide services to their citizens. Developing nations with oil and gas resources like Mexico, Brazil, Malaysia, Angola and Nigeria will encourage future investment, In many of these countries, revenue and taxes from the oil and gas sector provide much-needed financial support for the government. The industry also drives the local economy, providing jobs and affordable energy. If upstream investment slows, the economy will suffer. When this happens, governments, including Brazil, Malaysia, Norway, Angola, and Nigeria, have revised legislation to encourage development of hydrocarbons. As operators exit less attractive areas, these nations will respond by providing tax and other incentives to drive local oil and gas investment.Fig. 2. Current number of floating production systems on order. Offshore oil and gas exploration is shifting from the North Sea, Australia and Canada to new areas in South America and Africa. Guyana, Suriname, Ghana and Mozambique are growth frontier exploration targets.

National energy security will continue to play a role in the future landscape of oil and gas investment. This is particularly important in countries like India and China, which have massive populations to support. Energy is a key driver of these economies. They will continue to invest overseas, to ensure they have access to a stable supply in addition to developing domestic resources to avoid reliance on foreign imports.

The Terra Nova offshore project in Newfoundland, Canada, is a reminder that the energy transition will be complex. The field has produced 425 MMbbl of oil since 2002. Extending the field life by 10 years, to produce another 80 MMbbl, required an investment of CAD $500 million and upgrading of the FPSO in Spain. The work was scheduled for 2020, but did not commence, due to Covid-19, and the FPSO was laid-up. The future of the development was at risk, with several of the field partners not keen on proceeding.

Although Canada has pledged to reach net-zero carbon emissions by 2050 and has strict ESG policies, the project has received government support. The oil and gas sector plays an important role in Canada’s economy, accounting for 5.3% of the country’s GDP and supporting hundreds of jobs in Newfoundland (Natural Resources Canada). To save the project and boost Newfoundland’s economy, the federal government offered to invest CAD $205 million in the project and the provincial government has pledged to forgo up to CAD $300 million in royalties. Finally, on June 16, Suncor issued a statement, confirming that it and six partners had “reached an agreement in principle to restructure the project ownership and provide short-term funding towards continuing the development of the Asset Life Extension Project, with the intent to move to a sanction decision in the Fall. Rumor has it that four of the seven owners will opt out of the field, leaving Suncor and two others.

Terra Nova is an example of the challenges that companies and countries are faced with today. Operators must focus on profitable projects that meet investor expectations. Yet countries must do what is best for their citizens, whether that is turning to alternative energy sources or fostering conventional projects to create jobs, tax revenue and energy security.

Financing trends. ESG issues also are a factor in financing. Twenty-seven banks, including many involved in FPSO financing, have committed to the Poseidon Principles, which established a framework to assess and disclose whether financial institutions’ lending portfolios are in line with climate goals set by the International Maritime Organization (IMO). The IMO’s initial GHG strategy prescribes that international shipping must reduce its total annual greenhouse gas emissions by at least 50% of 2008 levels by 2050, while pursuing zero emissions as soon as possible in this century.

Leased FPSOs have traditionally utilized bank debt on a project basis, which is usually the least expensive way to finance. To qualify for new loans, most require compliance with the Poseidon Principles. However, this has not stopped banks from supporting new projects. In June 2021, 11 banks agreed to provide $1.05 billion to SBM for construction of the Prosperity FPSO, which is scheduled to begin operating in ExxonMobil’s Payara field offshore Guyana in 2024.

In addition to commercial debt, some FPSOs are funded by government loans through an Export Credit Agency (ECA). Japan’s JBIC is the most active ECA in this market, currently participating in funding for 11 FPSOs completed by MODEC. In each project, JBIC’s portion is approximately 33% of the total loan amount.

As the cost of FPSOs has increased, the number of financial institutions required for each loan has also grown. In addition, financing multiple units for the same owner or field operator increases the banks’ risk profile and may limit their capacity. In this case, alternatives are available, particularly bonds. In August 2019, MODEC issued a $1.1-billion bond to refinance the FPSO Cidade de Mangaratiba MV24, which began a 20-year lease in 2014. There was tremendous interest in the bond, which had an annual yield of 6.75% through the end of the charter contract. The following year, SBM issued a similar bond for one of its Brazilian assets, the FPSO Cidade de Ilhabela, which also began a 20-year lease in 2014. The $850 million non-recourse bond allowed SBM to repay its existing bank debt and return $280 million to shareholders.

There has been a slight increase in the number of operators arranging finance for the entire field development, including the FPSO. Major oil companies and large NOCs, like Equinor, usually own the production unit, while most smaller operators choose to lease the FPSO, to preserve cash. However, independent oil companies have decided to own three FPSOs currently on order: Leopold Sedar Senghor (Woodside Senegal), Energean Power (Energean Israel), and the MJ FPSO (Reliance India). This may be due to more attractive financing terms, as well as expectations for a long field life.

Financing offshore hydrocarbon projects will continue to be a challenge and will require the same creativity needed to overcome the technical challenges. There are various methods available to fund FPSO projects, and the financing process is becoming longer and more complicated. With the hydrocarbon space becoming less attractive to investors and projects becoming larger and increasingly complex, the cost to finance these assets is expected to rise. This will increase the cost of FPSOs slightly, but not to the level that would jeopardize the project economics for FID.

FPSO construction trends will evolve as financing and projects change over the coming years. In the past, one-third of FPSOs were new-builds. Today, nearly half of FPSOs are new-builds. Traditionally, new-builds were in harsh or remote environments like the North Sea and Australia. The topsides of modern FPSOs are too heavy–nearly 40,000 tons–for VLCCs to handle. Building new FPSOs from scratch allows the use of standardized designs. Repeatable designs reduce costs and improve efficiency for both contractors and manufacturers. Many companies, including BWO, MODEC and SBM, have designs for generic FPSO hulls. SBM has placed orders for six of its Fast4Ward hulls and MODEC has one M350 design under construction.

FPSOs are built in the same yards as other types of vessels. Shipbuilding is a cyclical industry, and the current backlog is growing rapidly, due to large orders for LNG carriers and large containerships. This will impact availability of shipyard slots for FPSO construction. In turn, this squeeze on shipyard capacity will impact price and scheduling in the short term.

In the 1990s, many FPSOs were built in European shipyards, particularly in Spain and the UK. Since then, activity has shifted to Asia. Initially, yards in Singapore specialized in converting tankers to FPSOs, while yards in Korea focused on purpose-built units. After construction of its new Tuas facility, Sembcorp has begun construction of new-built units in Singapore, as well.

The major shift in the past five years has been the rapid growth of activity in China, for both converted and new-built units. In addition, major oil companies now have FPSOs being built in China. Currently, shipyards in China and Singapore are very busy with floating production projects. CSSC (China), Keppel and Sembcorp (Singapore) have 6+ projects, each, while COSCO (China) and Daewoo (Korea) have 5+ projects, each.

Although the number of new-builds is increasing, redeployment and conversions will still play an important role,  One-third of FPSOs will be converted oil tankers, typically younger hulls that are less than 15 years old. Additionally, more FPSOs will be upgraded and redeployed to new projects after finishing their current projects. Currently, there are 30 FPSOs available, with more coming off contracts as fields are depleted. Historically, 15% of FPSOs have operated on more than one field. Going forward, we expect this number to increase to 25%, given the number of idle units and their ability to provide a fast-track and economic solution. Historical and forecasted FPSO awards from 2011 to 2030. The number of FPSO awards is projected to increase to 13 within the next two years and remain steady until 2030. The projected annual number of awards is similar to that of high oil price years like 2011-2014 and 2018-2019.

As previously discussed, major operators are shifting their focus to mega-fields with large reserves, like those in Brazil and Guyana. NOCs, independents and local companies will take over the smaller fields divested by others, particularly in Southeast Asia and Africa. Production capacity of new FPSOs will follow this trend. More mega units (>200,000 boed capacity) and small units (<100,000 boed capacity) will be produced, with fewer large units (100,000-to-200,000-boed capacity). In addition, these units will be designed to maximize value with long plateau production, rather than volume with a sharp peak and fast decline.

Summary. In general, analysts are bullish on the price of oil. Crude prices should stay above $60/bbl and will increase as ESG pressure grows. In contrast to the past 10 years, there likely will not be a large growth in shale production, due to cost and environmental pressures.

As operators focus on monetizing their assets and bringing fields into production, there will be more opportunities for offshore development globally. FPSOs will continue to play a key role in offshore hydrocarbon development. Moving forward, the environmental movement and ESG issues will have a greater influence on how companies operate. Both will affect which projects are sanctioned, how they are developed, and how long they continue to produce. As changing dynamics in the energy sector drive up project prices, operators will narrow their focus to the most profitable projects. Despite these new challenges, companies will find a way to get offshore projects done. 


Read it from Worldoil

Pipe Exchange
14025 West Road
Suite 100
Houston, TX 77041

PIPE EXCHANGE PRIVACY POLICY

Last Updated: August 2019

 

Pipe Exchange LLC (“Pipe Exchange,” “we,” “us,” and “our”) respects your privacy. This privacy policy (this “Privacy Policy”) explains the accepted privacy practices for our online service and product listings (collectively, the “Services”) found via our website at https://pipexch.com/ (the “Website”). It describes the ways in which your personal information is collected and used, and the rights and options available to you with respect to such information.

 

If you have questions or complaints regarding this Privacy Policy and/or our privacy practices in general, please contact us as described in this Privacy Policy. 

 

Personal Information that Pipe Exchange collects

In the course of signing up for the Pipe Exchange e-publication and/or contacting Pipe Exchange via the “Contact Us” section of the Website, you may choose to provide personal information (e.g., your name, phone number, email address, etc.). We will explicitly indicate the fields designated for mandatory completion. If you do not enter the requisite data in the mandatory fields, you will not be able to receive the e-publication and/or complete the relevant contact form.  It’s important that you understand there is no requirement by law for you to provide Pipe Exchange with your personal details – the information you share with us is entirely voluntary.

 

We request that you provide Pipe Exchange with complete, accurate and correct details. Your failure to do so will likely result in Pipe Exchange being unable to contact you about your inquiries into our Services.  

 

If, at any time, you provide Pipe Exchange with personal details about another person, you expressly represent and warrant that you represent and warrant that (1) you have that person’s explicit consent to provide such details to Pipe Exchange; and (2) such person has given explicit consent (a) for Pipe Exchange to collect, process, use and store such information as set forth in this Privacy Policy and any commercial agreement you have entered into with us. When we receive end user data in this capacity (i.e., as a data processor), we will carry out your instructions (i.e., as the data controller) with regards to its usage and processing of such data, and will not use such data outside the scope of our processing activities unless required by applicable law.

 

Content that you provided for publication on the Website

From time to time, Pipe Exchange may enable you to post content on the Website (i.e., on a blog, in a community forum, etc.), or to provide Pipe Exchange with content that Pipe Exchange will post.  In either scenario, by making available such content to Pipe Exchange, you expressly acknowledge, agree and warrant that: (i) such content may be published on the Website; (ii) such content may be used by Pipe Exchange in various other capacities and for various purposes as Pipe Exchange deems appropriate, including without limitation, improving the Services and managing complaints; and (iii) such content does not violate any other person’s right to privacy, does not violate any applicable laws, and does not otherwise infringe any other party’s intellectual property rights. In addition to the foregoing, you should be aware that any content you provide in these areas may be read, collected, and used by others. Based on the foregoing, we ask that any content you provide to Pipe Exchange for publication DOES NOT INCLUDE ANY PERSONAL INFORMATION ABOUT YOU OR ANYONE ELSE.

 

If, at some point, you request the removal of your content from the Website, Pipe Exchange will undertake reasonable efforts to accommodate your request, but it may not be possible to do so.  If that should happen, we’ll notify you accordingly.

 

Information gathered when using the Services

Pipe Exchange may collect information pertaining to your activity on the Website, including content that you create, information or advertisements that you have read, the web pages you visited, offers and Services that were of interest to you, the location of the computer and the Internet Protocol (IP) address through which you had access to the Website and more. Additionally, Pipe Exchange may collect or use the assistance of third parties to collect and analyze anonymous, statistical or aggregative information related to your use of the Website (and if applicable, the Services offered thereon), including information related to your personal details and activities.

 

Marketing Communications

 

Pipe Exchange does not use any of your information collected or provided for any marketing purposes. In the event this changes we will update you of such changes as required by applicable law.

 

Other Use of Information

We will store the information you provide and the information we collect about your activity on the Website throughout our databases (the “Databases”). We reserve the right to use such information for the following purposes:

  • To provide the Services on the Website and to enable you to use them;
  • To improve and expand the Services and content offered on the Website, including to create new services and content which correspond to the requirements and expectations of the users of the Website and to modify or cancel existing Services and content. The information used by Pipe Exchange for this purpose will be mainly statistical information, and will not identify you personally;
  • To improve and customize your experience and other users’ experience with both the Website and related Services;
  • To contact you occasionally, either by Pipe Exchange or by a third party acting on our behalf, regarding the Services. Subject to applicable laws and aside from our first communication, we will only contact you about Pipe Exchange’s offerings if you permit us to do so.  Even if you authorize Pipe Exchange to contact you, your authorization may be revoked/withdrawn by you at any time and you may opt out of the Website’s mailing lists by following the unsubscribe instructions in each of the emails you receive or by contacting us as described below; 
  • To contact you if you or someone in your organization requests a product demonstration or product information;
  • To contact you as and when Pipe Exchange believes it to be necessary for technical, administrative or security reasons;
  • To analyze and provide statistical information to third parties. This information will not identify you personally; 
  • For the orderly and proper operation and development of the Website and associated Services; or
  • For any other purpose specified in this Privacy Policy.

Choice and Opt-Out

You can always opt not to disclose information to us, but keep in mind that some information may be needed to create an account or take advantage of some of the features of the Website. Even if you have agreed to receive operational communications from us, you may always decide to stop receiving such materials by sending an email to privacy@pipexch.com

 

Transfer of Information to Third Parties

Pipe Exchange will not transfer your personal details and any information collected pertaining to your activities on the Website (provided that such details and information identify you personally) to any third party, except in the following cases or as otherwise outlined in this Privacy Policy:

  • If Pipe Exchange reasonably believes that you have abused your rights to use any of the Services, or performed any act or omission that Pipe Exchange reasonably believes to be violating any applicable law, rules, or regulations. Pipe Exchange may share your information in these cases, with law enforcement and other competent authorities and with any third party, as may be required to handle any result of your wrongdoing;
  • If Pipe Exchange reasonably believes that it is required by law to share or disclose your information in order to prevent, investigate, or take action regarding illegal activities.  In addition, to establish or exercise our legal rights or defend against legal claims;
  • Further, your personal information may be disclosed as permitted or required by, or in response to lawful requests by applicable local law enforcement agencies or regulatory agencies, or agencies with responsibility to oversee and enforce national security;
  • In any case of dispute, or legal proceeding of any kind between you and Pipe Exchange, or between you and other users or third parties with respect to, or in relation with the Services;
  • In any case where Pipe Exchange may reasonably believe that sharing information is necessary to prevent serious damage to your person or property or to the person or property of any third party;
  • If Pipe Exchange organizes the operation of the Services within a different framework, or through another legal structure or entity, or if Pipe Exchange is acquired by, or merged with another entity, provided however, that those entities agree to be bound by the provisions of this Privacy Policy;
  • Pipe Exchange may share personally identifiable information and information related to your use of the Website, with companies or organizations connected to or affiliated with Pipe Exchange, such as service providers (e.g., an email service provider to send you emails on our behalf), with the express provision that their use of such information must comply with this Privacy Policy; or
  • Pipe Exchange is also entitled to transfer or share anonymous, statistic or aggregative information with companies or organizations connected to Pipe Exchange, and with suppliers, business partners, advertisers, and every third party, according to Pipe Exchange’s absolute discretion; however, Pipe Exchange will not disclose your identity to them, knowingly or deliberately, without receiving your consent.  

Children’s Online Privacy Information

Pipe Exchange does not knowingly collect personal information from minors who are under the age of 16 through the Website and/or the Services thereon. If a parent or guardian becomes aware that his or her child has provided us with personally identifiable information without his/her consent, then he or she should contact Pipe Exchange at the information described below. If we become aware that a child under the age of 16 has provided us with personally identifiable information, we will delete such information from our files. Further, the Children’s Online Privacy Protection Act (“COPPA”) requires parental consent for collection of data from children younger than the age of 13 years old. For tips on protecting children’s privacy online, generally, please view the U.S. Federal Trade Commission (“FTC”) website at http://www.ftc.gov/privacy/privacyinitiatives/childrens.html.

Cookies 

  1. What is a cookie?

A cookie is a small text file that is stored in your web browser that allows Pipe Exchange or a third party to recognize you. Cookies might be used for the following purposes: (1) to enable certain functions; (2) to provide analytics; (3) to store your preferences; and (4) to enable ad delivery and behavioral advertising.

Cookies can either be session cookies or persistent cookies. A session cookie expires automatically when you close your browser. A persistent cookie will remain until it expires or you delete your cookies. Expiration dates are set in the cookies themselves; some may expire after a few minutes while others may expire after multiple years. Cookies placed by the website you’re visiting are sometimes called “first party cookies,” while cookies placed by other companies are sometimes called “third party cookies.”

  1. What cookies are used when I use the Pipe Exchange Website?

When you access and/or use the Website, Pipe Exchange or a third party may place a number of cookies in your browser. Some of the cookies will only be used if you use certain features or select certain preferences, and some cookies will always be used.

Each cookie serves one of four different purposes:

  1. Essential Cookies: These first party cookies allow users to use a feature of the Website such as: (i) staying logged in, or (ii) making purchases.
  2. Analytics Cookies: These cookies track information about how the Website is being used so that we can make improvements and report on our performance. We may also use analytics cookies to test new ads, pages or features to see how users react to them. Analytics cookies may either be first party or third party cookies.
  3. Preference Cookies: These first party cookies store your Website preferences.
  4. Ad Targeting Cookies: These third party cookies (also known as “behavioral” or “targeted” advertising) are placed by advertising platforms or networks in order to: (i) deliver ads and tracks ad performance, and (ii) enable advertising networks to deliver ads that may be relevant based upon your activities.

Finally, we may set cookies within emails we send to you (if you have consented to receiving emails from us). These cookies are used to track how often our emails are opened and clicked on by our customers. You can manage email cookies in the same way as website cookies, as explained above.

  1. How do third parties use cookies on the Pipe Exchange Website?

Third party companies like analytics companies and ad networks generally use cookies to collect user information on an anonymous basis. They may use that information to build a profile of your activities on the Website and other websites that you’ve visited.

  1. What are my cookie options?

If you don’t like the idea of cookies or certain types of cookies, you can change your browser’s settings to delete cookies that have already been set and to not accept new cookies. To learn more about how to do this, visit the help pages of your browser. Please note, however, that if you delete cookies or do not accept them, you might not be able to use all of the features we offer, you may not be able to store your preferences, and some of our pages might not display properly.

You may also opt out of third party cookies by following the instructions provided by each third party in its privacy policy.

  1. Do you use any other user tracking technologies?

We use additional technologies to help track user activities and preferences. For example, we use Google Analytics and when you visit the Website via Facebook, we use tracking pixels.

  1. Interest-Based Advertising

We and third parties engage in interest-based advertising provided by vendors in order to deliver advertisements and personalized content that we and other advertisers believe will be of interest to you. To the extent third-parties are using cookies or other technologies to perform these services, Pipe Exchange does not control the use of this technology or the resulting information for online, mobile, or email advertising, and is not responsible for any actions or policies of such third parties. Advertisements, emails, and other messages may be delivered to you by Pipe Exchange or its service providers based on your online or mobile behavior, your search activity, your geographic location or other information that is collected by us or obtained from third parties. Some of our vendors and we may use our own or third-party aggregated or anonymized personal information, demographic data, and other inferred commercial interests to assist in the delivery of our advertisements to you.

In addition, we and our business partners use third parties to establish deterministic or probabilistic connections among devices (such as smartphones, tablets, and computers) to deliver more relevant advertising to you and for advertising analytics and reporting purposes. This means that information about your use of websites or applications on your current device may be combined with information from your other devices. We also may share this information and other inferences with third parties to allow them to target advertising, personalize content, or analyze behavior. This allows, for example, advertisements you see on your tablet to be based on activities you engaged in on your smartphone. These business partners may share and combine information from cookies with identifiers (such as device IDs assigned by Google or Apple) and IP addresses to make connections among related devices. This also allows for a more personalized experience across the Website.

If you have any questions about our Cookie Policy, you may contact us by sending an email to privacy@pipexch.com or by writing to us at:  14025 West Road, Suite 100, Houston, TX 77041

 

Social Media Features

The Website includes social media features, such as the Facebook and LinkedIn buttons/icons. These features may collect your IP address, which page you are visiting on our site, and may set a cookie to enable the feature to function properly. Social media features are either hosted by a third party or hosted directly on the Website. Your interactions with these features are governed by the privacy policy of the company providing it. 

 

Links to Third Party Sites

The Website may contain links to other sites that are not owned or controlled by Pipe Exchange. Please be aware that we are not responsible for the privacy practices of such other sites. We encourage you to be aware when you leave our site and to read the privacy statements of each and every web site that collects personally identifiable information. This Privacy Policy applies only to information collected by the Website. 

 

How We Store Your Information

Data Security

Pipe Exchange implements data security systems and procedures to secure the information stored on Pipe Exchange computer servers. Such systems and procedures reduce the risk of security breaches, but they do not provide absolute security. Therefore, Pipe Exchange cannot guarantee that the Website and Services are immune to unauthorized access to the information stored therein and to other information security risks.

 

Our Commitment to Data Security. To prevent unauthorized access, maintain data accuracy and ensure the correct use of information, we have applied reasonable and appropriate physical, electronic and managerial procedures to safeguard and secure the information we collect online. We also limit access to personal data and confidential information on our systems to only those employees with a specific need to access this information. However, due to technological limitations and the risk of unlawful interceptions and accessing of transmissions and/or data, we cannot completely assure you, and you should not expect, that your personal information, and any other electronically communicated information, will be absolutely confidential.

The security of your personal information is important to us. When you enter sensitive financial information via our Website, the transmission of that information is encrypted using secure socket layer technology (SSL).

Please remember that you play a valuable part in security as well. To the extent you have created an account on our Website, your password to access our site, which you select at registration, should never be shared with anyone and should be changed frequently.  After you have finished using our site, you should log off and exit your browser so no unauthorized persons can use our site with your name and account information.

Information Retention and Access to Personal Information. We’ll retain information for as long as your account is active or as needed to provide you the Services, to comply with applicable law, resolve disputes, and to enforce our agreements.   If your personally identifiable information changes, or if you no longer desire to use and access our Services, you may correct, update, delete/deactivate your information by emailing Pipe Exchange via the contact information listed below. Before Pipe Exchange is able to provide you with any information or correct any inaccuracies, however, we may ask you to verify your identity and to provide other details to help us to respond to your request. But please note: (1) there might be some latency in deleting this information from our servers and back-up storage; (2) we will not delete anonymized data and may continue to use it as describe in this Privacy Policy; and (3) we may retain information if necessary to comply with our legal, tax or accounting obligations, resolve disputes, manage security risks, or enforce our agreements. Even if you cease your use of the Services, we may retain certain information in order to meet our obligations.

Under California Civil Code Sections 1798.83-1798.84, California residents are entitled to ask us for a notice identifying the categories of personal information which we share with our affiliates and/or third parties for marketing purposes, and providing contact information for such affiliates and/or third parties.  If you are a California resident and would like a copy of this notice, please submit a written request to: privacy@pipexch.com

International Transfer of Information Collected

We are a global company, with customers around the world and it is important to note that the Services, and the Website, may be operated via servers situated in the United States and elsewhere. If you are located outside of the United States, please be aware that any information which you supply to Pipe Exchange (including, without limitation, personal information (e.g., your name, phone number, email address, etc.) may be transferred to, processed, and used in the United States and elsewhere. To provide you with the Services, you irrevocably and unconditionally consent that we may store, use, process, transfer and transmit such information in accordance with this Privacy Policy in the United States and locations around the world – including those outside your country which may provide different rules, regulations, and protections regarding privacy. Information may also be stored locally on the devices used to access the Services, which may be mobile.

We have taken appropriate safeguards to ensure that your personal data will remain protected in accordance with this Privacy Policy, whether your personal data is within our control or has been entrusted to our third party service providers and partners.

Changes to this Privacy Policy

From time to time, Pipe Exchange may change the terms of this Privacy Policy. Changes will take effect once they are posted online and by accessing and/or using the Website or Services after we make any such changes to this Privacy Policy, you are deemed to have accepted such changes.  If you do not agree with any of the amended terms, you must avoid any further use of the Website and/or Services offered by Pipe Exchange.

 

Inquiries or Concerns?

You may contact Pipe Exchange by emailing us at privacy@pipexch.com and we will do our best to provide a prompt response to your question.

PIPE EXCHANGE TERMS OF USE

Last updated: August 2019

Welcome to https://pipexch.com/Pipe Exchange (the “Website”). The Website is owned and operated by Pipe Exchange LLCPipe ExchangePipe Exchange including its related companies, affiliates and subsidiaries (collectively “Pipe Exchange,” “we,” “us,” “our”). We make the Website available to you, subject to the following Terms of Use (these “Terms of Use”). PLEASE READ THE FOLLOWING TERMS OF USE CAREFULLY BEFORE USING THE WEBSITE. By using the Website, you agree to these Terms of Use and agree they create a legally binding agreement between you and Pipe Exchange. If you do not agree to these Terms of Use, you may not use the Website. These Terms of Use are effective unless and until terminated by Pipe Exchange.

Minors are not authorized to access or use the Website for any purpose.

CHANGES TO TERMS OF USE

Pipe Exchange reserves the right, at any time, to modify, amend, alter or update these Terms of Use. These changes will be effective as of the date we post the revised version. By continuing to use the Website following such modifications, amendments, alterations or updates, you agree to be bound by such modifications, amendments, alterations or updates. Therefore, you should periodically visit this page to review our most current Terms of Use.

You may access the current version of these Terms of Use at any time by clicking on the link marked “Terms of Use” at the bottom of each page of the Website.

PRIVACY POLICY

In the course of your use of the Website, you may be asked to provide certain personalized information to us (such information referred to hereinafter as “User Information”).  Our information collection and use policies with respect to the privacy of such User Information are set forth in the Website’s Privacy Policy which is incorporated herein by reference for all purposes.  You acknowledge and agree that you are solely responsible for the accuracy and content of User Information, and you agree to keep it up to date. 

INTELLECTUAL PROPERTY RIGHTS

Pipe Exchange respects the intellectual property rights of others. As between you and Pipe Exchange, and except any User Information which you provide, all rights, title and interests in the Website, including all the content (including, for example, audio, photographs, illustrations, graphics, other visuals, video, copy, software, etc.), code, data and materials thereon, the look and feel, design and organization of the Website, and the compilation of the content, code, data and materials on the Website, including but not limited to any copyrights, trademark rights, patent rights, database rights, moral rights, sui generis rights and other intellectual property and proprietary rights therein (collectively the “Content”) are owned by Pipe Exchange or by third parties who have licensed or provided their Content to us. The Website is protected under Trademarks (as defined below), copyright, patent, trade secret and other intellectual property rights laws, and your use of the Website does not grant to you ownership of any Content you may access on the Website. You are prohibited from using the Website to infringe or violate any intellectual property rights. Pipe Exchange may terminate your right to access the Website if it believes you are using the Website in a manner that infringes the copyright, trademark, patent or other intellectual property rights of another.

We may investigate occurrences that may involve violations of the security of the Services or of the law and we may involve, and cooperate with, law enforcement authorities in prosecuting users who are involved in such violations.

The trademarks, logos, service marks and trade names (collectively the “Trademarks”) displayed on the Website or on content available through the Website are registered and unregistered Trademarks of ours and others and may not be used unless authorized by the trademark owner.  All Trademarks not owned by us that appear on the Website or on or through the Website’s services, if any, are the property of their respective owners.  Nothing contained on the Website should be construed as granting, by implication, estoppel, or otherwise, any license or right to use any Trademark displayed on the Website without our written permission or that of the third-party rights holder.  Your misuse of the Trademarks displayed on the Website is strictly prohibited.  Pipe Exchange will aggressively enforce its Trademark rights to the fullest extent of the law, including the seeking of criminal prosecution.

PERSONAL USE ONLY

The Website and the Content are intended for your personal use.  You may access and view the content on the Website via your computer or other internet compatible device, and make single copies or prints of the content on the Website for your personal, internal use only.   The Website and the services offered on or through the Website, including Pipe Exchange’s e-publication and any other content and materials thereon, are only for your personal, non-commercial use. Except as otherwise provided on the Website, you may not modify, copy, distribute, transmit, display, perform, reproduce, publish, license, sell, create derivative works from, transfer, or sell any information, software, products or services obtained from the Website. Use of the Website to sell a product or service, or to increase traffic to your website for commercial reasons, such as advertising sales is expressly forbidden.

PROHIBITED USE

Any commercial distribution, publishing or exploitation of the Website, or any content, code, data or materials on the Website, is strictly prohibited unless you have received the express prior permission of Pipe Exchange or the applicable rights holder.  You may not otherwise download, display, copy, reproduce, distribute, modify, perform, transfer, create derivative works from, sell or otherwise exploit any content, code, data or materials on the Website.  If you make other use of the Website, or the content, code, data or materials thereon, except as otherwise provided above, you may violate copyright and other laws of the United States, other countries, as well as applicable state laws and may be subject to liability for such unauthorized use.  Pipe Exchange will aggressively enforce its intellectual property rights to the fullest extent of the law, including the seeking of criminal prosecution.

SECURITY

You are prohibited from violating, or attempting to violate the security of the Website. Any such violations may result in criminal and civil liabilities to you.  You warrant and agree that, while using the Website and the various services and features offered on or through the Website, you shall not: (a) impersonate any person or entity or misrepresent your affiliation with any other person or entity; (b) insert your own or a third party’s advertising, branding or other promotional content into any of the Website’s content, materials or services, or use, redistribute, republish or exploit such content or service for any further commercial or promotional purposes or take any action that would constitute or could be interpreted as an endorsement or sponsorship by Pipe Exchange of any third party site, content, information or other materials, or in any manner that would violate the terms and conditions of any such third party sites; (c) attempt to probe, scan, or test the vulnerability of any system or network; or (d) attempt to gain unauthorized access to data not intended for you and/or other computer systems through the Website.  You shall not: (i) engage in spidering, “screen scraping,” “database scraping,” harvesting of e-mail addresses, wireless addresses or other contact or personal information, or any other automatic means of accessing, logging-in or registering on the Website or for any services or features offered on or through the Website, or obtaining lists of users or obtaining or accessing other information or features on, from or through the Website or the services offered on or through the Website, including, without limitation, any information residing on any server or database connected to the Website or any services offered on or through the Website; (ii) obtain or attempt to obtain unauthorized access to computer systems, materials, information or any services made available on or through the Website through any means; (iii) use the Website or the services made available on or through the Website in any manner with the intent to interrupt, damage, disable, overburden, or impair the Website or such services, including, without limitation, sending mass unsolicited messages or “flooding,” “spamming,” or “crashing” any systems; (iv) use the Website or the Website’s services or features in violation of Pipe Exchange’s or any third party’s intellectual property or other proprietary or legal rights; or (v) use the Website or the Website’s services in violation of any applicable law.  You further agree that you may not attempt (or encourage or support anyone else’s attempt) to circumvent, reverse engineer, decrypt, or otherwise alter or interfere with the Website or the Website’s services, or any content thereof, or make unauthorized use thereof.  You agree that you will not use the Website in any manner that could damage, disable, overburden, or impair the Website or interfere with any other party’s use and enjoyment of the Website. You may not obtain or attempt to obtain any materials or information through any means not intentionally made publicly available or provided for through the Website. Pipe Exchange will investigate any alleged violations and will cooperate with law enforcement agencies in their investigations.

THIRD-PARTY CONTENT

Some of the information and material available through the Website are provided to Pipe Exchange by third parties (“Third-Party Material”). In some instances, the source of the Third-Party Material is identified. Third-Party Material is provided for your convenience only and Pipe Exchange does not endorse these materials or the parties who supply them to us. Pipe Exchange does not warrant or represent that these Third-Party Materials are current, accurate or reliable.

COPYRIGHT AGENT

We respect the intellectual property rights of others, and require that the people who use the Website do the same.  If you believe that your work has been copied in a way that constitutes copyright infringement, please forward the following information to Pipe Exchange’s Copyright Agent, designated as such pursuant to the Digital Millennium Copyright Act, 17 U.S.C. § 512(c)(2), named below:

  • Your address, telephone number, and email address;
  • A description of the copyrighted work that you claim has been infringed;
  • A description of where the alleged infringing material is located;
  • A statement by you that you have a good faith belief that the disputed use is not authorized by the copyright owner, its agent, or the law;
  • An electronic or physical signature of the person authorized to act on behalf of the owner of the copyright interest; and
  • A statement by you, made under penalty of perjury, that the above information in your Notice is accurate and that you are the copyright owner or authorized to act on the copyright owner’s behalf.
  • For all email submissions please include the subject line: DMCA Takedown Request.

 

Pipe Exchange has adopted a policy of terminating, in appropriate circumstances, accounts of users of the services or the Website who are deemed to have repeatedly uploaded content that infringes the intellectual property rights of others.

 

Copyright Agent:

Pipe Exchange Legal

c/o Pipe Exchange LLC

14025 West Road.
Suite #100
Houston, TX 77041

Phone: + (713) 934-9480

Email: dmca@pipexch.com

DISCLAIMER OF WARRANTIES

THE WEBSITE AND ITS CONTENT ARE PROVIDED ON AN “AS IS” AND “AS AVAILABLE” BASIS, WITHOUT REPRESENTATIONS OR WARRANTIES OF ANY KIND WHATSOEVER. PIPE EXCHANGE, TO THE FULLEST EXTENT PERMITTED BY LAW, DISCLAIMS ALL WARRANTIES, INCLUDING THE WARRANTY OF MERCHANTABILITY, NON-INFRINGEMENT OF THIRD PARTIES RIGHTS, AND THE WARRANTY OF FITNESS FOR PARTICULAR PURPOSE. PIPE EXCHANGE MAKES NO WARRANTIES ABOUT THE ACCURACY, RELIABILITY, COMPLETENESS, OR TIMELINESS OF THE MATERIAL, SERVICES, SOFTWARE, TEXT, GRAPHICS, AND LINKS FOUND OR CONTAINED ON THE WEBSITE. PIPE EXCHANGE DOES NOT WARRANT THAT THE WEBSITE, THE CONTENT, OR ITS SERVERS ARE FREE OF VIRUSES OR OTHER HARMFUL COMPONENTS. YOU UNDERSTAND AND AGREE THAT YOU OBTAIN MATERIAL THROUGH THE USE OF THE WEBSITE AT YOUR OWN DISCRETION AND RISK AND THAT YOU WILL BE SOLELY RESPONSIBLE FOR ANY DAMAGES TO YOUR COMPUTER SYSTEM OR LOSS OF DATA THAT RESULTS.

ALL MATERIAL CONTAINED IN THE WEBSITE IS FOR GENERAL INFORMATION ONLY, HAS NOT BEEN INDEPENDENTLY VERIFIED, HAS NOT BEEN RECOMMENDED BY ANY FEDERAL OR STATE REGULATORY AUTHORITY AND MAY CONTAIN ERRORS OR OMISSIONS OF MATERIAL INFORMATION. THE MATERIAL AND INFORMATION CONTAINED ON THE WEBSITE SHOULD NOT, THEREFORE, BE USED OR RELIED UPON FOR ANY SPECIFIC REASON OR APPLICATION WITHOUT INDEPENDENT COMPETENT PROFESSIONAL EXAMINATION AND VERIFICATION OF ITS ACCURACY, COMPLETENESS, SUITABILITY AND APPLICABILITY. ANYONE MAKING USE OF THE MATERIAL DOES SO AT HIS/HER/ITS OWN SOLE AND EXCLUSIVE RISK AND ASSUMES ANY AND ALL ACTUAL OR POTENTIAL DAMAGE OR LIABILITY RESULTING FROM SUCH USE.

LIMITATION OF LIABILITY

IN NO EVENT SHALL PIPE EXCHANGE BE LIABLE FOR ANY DAMAGES WHATSOEVER (INCLUDING, WITHOUT LIMITATION, INCIDENTAL, CONSEQUENTIAL OR PUNITIVE DAMAGES, LOST PROFITS, OR DAMAGES RESULTING FROM LOST DATA OR BUSINESS INTERRUPTION) RESULTING FROM THE USE OR INABILITY TO USE MATERIAL ON THE WEBSITE OR SITES LINKED TO THE WEBSITE, WHETHER BASED ON WARRANTY, CONTRACT, TORT, OR ANY OTHER LEGAL THEORY, AND WHETHER OR NOT PIPE EXCHANGE IS ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.

TERMINATION

Pipe Exchange may terminate, change, suspend or discontinue any aspect of the Website or the Website’s services at any time.  Pipe Exchange may restrict, suspend or terminate your access to the Website and/or its services if we believe you are in breach of our terms and conditions or applicable law, or for any other reason without notice or liability.  Pipe Exchange maintains a policy that provides for the termination in appropriate circumstances of the Website use privileges of users who are repeat infringers of intellectual property rights.

USER’S REMEDY

If you are dissatisfied with any portion of the Website or with any of these Terms of Use, your sole and exclusive remedy is to discontinue using the Website.

GOVERNING LAW AND VENUE

These Terms of Use and the relationship between you and Pipe Exchange shall be governed by the laws of the United States and the State of Florida without regard to its conflict of law provisions. You hereby irrevocably submit and consent to the personal and exclusive jurisdiction of the courts located within Miami-Dade County, Florida and agree that any cause of action that may arise under these Terms of Use and all disputes arising out of or relating to the use of the Website shall be commenced and be heard in the appropriate court in Miami-Dade County, Florida. The failure of Pipe Exchange to exercise or enforce any right or provision of these Terms of Use shall not constitute a waiver of such right or provision. If any provision of these Terms of Use is found by a court of competent jurisdiction to be invalid, the parties nevertheless agree that the court should endeavor to give effect to the parties’ intentions as reflected in the provision, and the other provisions of these Terms of Use remain in full force and effect. 

QUESTIONS ABOUT TERMS OF USE

If you have any questions regarding these Terms of Use, please either:

Send an email to sales@pipexch.com

Write to Pipe Exchange at the following address:

14025 West Road

Suite 100

Houston, TX 77041

 

This website uses cookies to ensure you get the best experience on our website. By Navigating it you agree to our Privacy Policy and Terms of Use